§ 9-256. Plan of finance; issuance of bonds.

(a)

The infrastructure improvements, facilities, services and operations to be undertaken by the CDA as described herein and in the petition shall be funded from all or some of the following sources: (i) bonds to be issued by the CDA; (ii) special assessments to be levied pursuant to section 15.2-5158(A)(5) of the Act, (iii) contributions made by the county of certain incremental tax revenues generated within the CDA district as more particularly described in the petition and as shall be more specifically identified in a memorandum of understanding to be entered into by the CDA, the county, the petitioners and the initial developer or developers, as the case may be, of the project and (iv) any other source of funding available to the CDA including rates, fees and charges to be levied by the CDA for the services and facilities provided or funded by the CDA and any other appropriations, grants, contributions or financial assistance that the CDA receives from other governmental entities.

(b)

The CDA shall engage a professional administrator to prepare, with the assistance of the county, an assessment roll for all parcels of land within the CDA district. Such administrator will annually prepare a report which details the amount of the special assessment owed by the owner of each parcel of land within the CDA district.

(c)

The bonds to be issued by the CDA will not exceed a maximum aggregate amount of $17,250,000.00, and will have a final maturity not later than December 31, 2039. The bonds shall be issued as soon as can practically be achieved and the proceeds from the sale of bonds will be used to pay the costs, all or a portion as funds will allow, of the infrastructure improvements, facilities and services as described herein and in the petition, the costs of issuing the bonds, any required reserves and the interest on the bonds for a period of up to 30 months after the issuance of the bonds.

(d)

Any bonds issued by the CDA or any other financing arrangements entered into by the CDA will be debt of the CDA, will not be a debt or other obligation of the county and will not constitute a pledge of the faith and credit of the county.

(Ord. of 6-25-08(3), § 1)

(Ord. of 6-25-08(3), § 1)